Egypt’s stock market wrapped up the trading last week on a positive note, with major indices climbing strongly ahead of the Sinai Liberation Day holiday. The benchmark EGX30 index surged 2.58%, closing at 31,640.22 points, supported by widespread gains across sectors.
Smaller stocks followed suit, as the EGX70 index — tracking small and mid-cap companies — rose by 1.27% to 9,227.49 points. Meanwhile, the EGX33, which focuses on Shariah-compliant shares, added 1.32% to settle at 3,257.39 points. Broader market performance remained upbeat, with the EGX100 advancing 1.47% to 12,607.04 points.
Market capitalization soared to 2.24 trillion Egyptian pounds, underlining the depth of investor confidence amid a favorable economic backdrop.
“This week’s rally reflects strong foreign investor sentiment and underlying optimism about Egypt’s fiscal reforms and growing ties with international lenders,” said Omar Al-Masry, Senior Analyst at Cairo Investment Securities.
“The market is pricing in positive growth prospects and stability in the Egyptian pound, especially after the recent structural adjustments,” he added.
Foreign Investors Lead the Charge
One of the defining features of Wednesday’s session was the aggressive participation of foreign investors, who were net buyers by 1.5 billion EGP. This comes amid growing international confidence in Egypt’s market fundamentals.
In contrast, Egyptian investors posted net sales of 1.2 billion EGP, while Arab investors recorded 310 million EGP in net sales, suggesting a tactical profit-taking behavior among regional and local players ahead of the long weekend.
Standout Performers and Laggards
Several stocks posted double-digit gains, showcasing vibrant trading activity:
- Alexandria National Company for Financial Investment leaped 13.32% to 26.20 EGP per share, reflecting strong speculative interest.
- Gogreen for Agricultural Investment rose 13.08% to 1.47 EGP, fueled by optimism around agritech initiatives and sustainable farming.
- Alexandria New Medical Center surged 12.18% to 23.57 EGP, driven by positive healthcare sector forecasts and recent expansions.
On the downside, a few notable stocks corrected:
- Golden Pyramids Plaza fell 3.85% to 1.00 EGP, likely weighed down by weak tourism sector sentiment.
- Cairo Poultry declined 2.80% to 19.10 EGP, amid broader sector pressures and rising production costs.
- Egyptian Transport (EGYTRANS) slipped 2.69% to 6.14 EGP, reflecting investor caution on logistics sector performance.
Market Outlook: Strong Tailwinds, Selective Risks
Experts predict that the EGX could maintain its upward momentum in the coming weeks, especially with anticipated announcements on foreign direct investment (FDI) projects and fresh stimulus efforts targeting the real estate and industrial sectors.
“Unless we see an unexpected global shock, we expect EGX30 to test the 32,500-point level before the end of May,” forecasts Mona Khalil, Chief Economist at El Ahly Research.
“However, investors should remain selective, particularly as Q2 corporate earnings start rolling in,” she warned.
Moreover, analysts point to the stabilization of inflation and a stronger EGP as factors supporting further foreign inflows into Egyptian equities, even as global markets remain volatile.
In related exclusive news, sources close to Egypt’s Financial Regulatory Authority (FRA) hinted that two new equity-focused funds are set to be announced next month, targeting infrastructure and renewable energy projects. These new funds are expected to deepen market liquidity and provide investors with broader sectoral exposure — a move that could further bolster the EGX’s upward trajectory.
With strong foreign interest, stable macroeconomic signals, and new investment vehicles in the pipeline, Egypt’s stock market looks set to remain one of the region’s top performers into mid-2025 — provided investors continue balancing enthusiasm with strategic caution.
